SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
__________________________________
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
July
31, 2009
Date of
Report (Date of earliest event reported)
__________________________________
UNITY
BANCORP, INC.
(Exact
Name of Registrant as Specified in its Charter)
New
Jersey
(State or
Other Jurisdiction of Incorporation)
1-12431
(Commission
File Number)
22-3282551
(IRS Employer
Identification No.)
64 Old
Highway 22
Clinton, NJ
08809
(Address
of Principal Executive Office)
(908)
730-7630
(Registrant's
Telephone Number, Including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
| o |
Soliciting
material pursuant to Rule 14a12 under the Exchange Act (17 CFR
240.14a-12)
|
| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
| o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
Item
1.01
|
Entry
into a Material Definitive
Agreement.
|
On July
31, 2009, Unity Bank (the “Bank”), a New Jersey state chartered commercial bank
and the wholly owned subsidiary of the Registrant, entered into the Third
Amendment to Lease (the “Amended Lease”) with Clinton Unity Group, LLC (the
“Landlord”), amending the lease dated December 15, 1995, previously amended on
March 1, 1997 and September 19, 2003. The Amended Lease is with
respect to the property located at 64 Old Highway 22, Clinton, New Jersey (the
“Property”), where the Bank and the Registrant’s headquarters are
located.
The term
of the Amended Lease has been extended until December 31, 2013 at a reduced
annual base rent of $400,000 from $550,000, payable in monthly installments of
$33,333.34. The annual base rent shall be subject to annual increases
equal to the increases in the consumer price index for the New York Metropolitan
area; provided that, in no event shall the base rent increase by more than 3%
per year.
In
addition, the purchase option of the Amended Lease was revised to be exercisable
between July 1, 2011 and June 30, 2013 at a price of the appraised value of the
Property plus five hundred thousand ($500,000) dollars. If the Bank
utilizes such option, the Bank agrees to further reimburse a portion of all
capital improvements undertaken by the Landlord on the Property. The
portion to be reimbursed shall be determined by a formula described in the
Amended Lease.
David D.
Dallas, the Chairman of the Board of the Registrant and the Bank, and Robert H.
Dallas, a director of the Registrant and the Bank, are each members of the
Landlord. Robert J. Van Volkenburgh Sr., the former Chairman of the
Registrant and the Bank is a member of the Landlord. Mr. Robert J. Van
Volkenburgh Sr. has no current position with the Registrant or the
Bank. Robert J. Van Volkenburgh Jr. is a member of the
Landlord. Mr. Robert J. Van Volkenburgh Jr. has no current
position with the Registrant or the Bank. Daniel Van Volkenburgh is a
member of the Landlord. Mr. Daniel Van Volkenburgh has no
current position with the Registrant or the Bank. The Amended Lease
was approved by the disinterested members of the Board of
Directors.
A copy of
the Amended Lease is annexed hereto as Exhibit 10.1
|
Item
9.01
|
Financial
Statements and Exhibits
|
|
(d)
|
Exhibits
|
|
Exhibit
|
Description
of Exhibit
|
| 10.1 | Third Amendment to Lease by and between Clinton Unity Group, LLC and Unity Bank dated July 31, 2009 |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
UNITY
BANCORP, INC.
|
||||
|
Date: August
4, 2009
|
By:
|
/s/ Alan J. Bedner, Jr. |
|
|
| Alan
J. Bedner, Jr.
EVP
and Chief Financial Officer
|
|
|||